Oil markets muted as U.S.-China trade war remains unresolved

Wayne Curry |Sunday, August 26, 2018

Oil price leaps to $74 per barrel as US inventory drops

USA crude imports last week eased by 249,000 barrels per day to 8.3 million bpd.

The strength of the greenback has an inverse relationship to the price of crude oil. Refinery utilization rates remained unchanged last week at 98.1 percent of total capacity, the highest rates since 1999.

After fading into the print, WTI rebounded after API reported a bigger than expected crude draw.

Brent crudeoil LCOc1 settled up $1.09 a barrel, or 1.5 percent, at $75.82 a barrel.

Amazon Prime members no longer get ad-free Twitch privilegesEverything else available to Twitch Prime users will not go away, and that includes Free Games with Prime and free loot for games. To activate your Twitch Prime account, all you need is an active Amazon Prime subscription, which most people have.

According to EIA, U.S. crude oil production hit 11 million barrels per day which was 100,000 barrels per day higher than the previous week. For the US trade restrictions will trim off about one quarter of a percentage point from real GDP growth to 2.3 percent in 2019..

Negative pressure on the price of oil could emerge from decisions by the office of the U.S. Trade Representative, which has scheduled hearings this week on additional trade pressure on China.

Today, three months before the November deadline when the sanctions are due to take effect, Iran's outflow has already fallen by around 430,000 barrels and the nation has to rely more on its own fleet of tankers to carry oil to its customers, clearly showing that buyers are hesitant to continue purchasing Iranian oil.

EPA moves to dramatically cut regulation of coal power plantsMichelle Bloodworth, president of the American Coalition for Clean Coal Electricity, a coal lobby group, welcomed the EPA plan . As recently as last October, the agency said that doing away with the plan would mean as many as 4,500 additional deaths.

Meanwhile, China, the world's biggest oil importer and Iran's biggest customer, is said to have rejected a USA request to halt purchases from the producer, dealing a blow to Trump's efforts to isolate the Middle East nation and force it into negotiations.

Opec has started to boost supplies following a deal with Russian Federation and other allies in June, although producers have been cautious so far.

Signs of tighter supply countered concern about slowing oil demand stemming partly from the trade dispute between the U.S. and China, the world's two largest economies.

USA and Chinese officials were set to resume talks on Wednesday, but Trump said he expected there will be no real progress.

Popular news

Alabama, Clemson At The Top
Alabama was one of three teams to get at least one first-place vote (the Crimson Tide obviously got a lot more than just one). While OSU opens at No. 5, it is the Wisconsin Badgers one spot ahead of them who take the top spot among B1G teams.

Australia’s Turnbull survives leadership vote; Dutton leaves
He headed off a leadership challenge from Minster of Home Affairs Peter Dutton by a margin of 48 votes to 35 in the surprise vote. Mr Abbott deposed Mr Turnbull as leader of the conservative Liberal Party in 2009 over differences in energy policy .

John McCain Has Died. Here's His Great and Terrible Record
He spent much of his time as a prisoner of war in solitary confinement, aided by his faith and the friendships of his fellow POWs. The eternal comeback kid, in March 2008, John McCain clinched enough delegates to embark on the race for the White House.

Madonna's Aretha Franklin Tribute At VMAs Faces Criticism
But fans have complained the speech was more about herself, rather than Franklin. "Not enough", she continued. "Our R-E-S-P-E-C-T. Most of the tribute to Franklin, however, was spent explaining the early origins of Madonna's career.

Scott Morrison to step in for Malcolm Turnbull
Australia's prime minister has threatened to quit on Friday if his party continues trying to oust him over poor opinion polls. Furious opposition lawmakers argued against the motion to adjourn the House of Representatives until September 10.

Emery needs time at Arsenal, says Mkhitaryan
And, in an exclusive interview with Sky Sports News , Mkhitaryan said: "Everyone has their own opinion". Maybe we're not as good to score at the moment but I think it's just the first few games".

Lincoln County man first confirmed West Nile case of 2018
West Nile can potentially pass from birds to mosquitoes to humans, but there is no indication that any people have been affected. The risk of getting West Nile virus is highest in the warmer months of the summer, usually from the end of July through August.

US enforces tariffs on another $16bn of Chinese goods
But the two are unlikely to come to an agreement, and reports suggests US President Trump remains committed to a trade war . The US has threatened tariffs on all $500bn worth of Chinese exports to the US, an amount Beijing can not reciprocate.